Tigers had led shortly after the half-hour mark but conceded a converted try and a Dave Walder penalty to go into half-time 18-12 down on the way to a 24-22 defeat at Adams Park.
“We started really well and we did some good things in the first 25 or 30 minutes,” said backs coach O’Connor.
“We were pretty clinical and dominated large parts of the first half, but then we gave away 10 points just before half-time and came back in six points down. Those points were costly.
“We took the pressure off Wasps with our errors. They are a great side defensively and put you under pressure with the ball. As a result we were probably a little bit inaccurate with the ball and in our execution.”
A Jordan Crane try from a close-range scrum in the final play of the game was converted quickly by skipper Aaron Mauger and at least secured a bonus point, but there was no time for the game to restart.
That point kept Tigers in fourth place in the Guinness Premiership table, just ahead of Wasps who have a game in hand, going into the break for European competition.
“It is very tight in the Guinness Premiership and you need to take the opportunities when you can,” said O’Connor.
“It is very disappointing not to get the win but you always look to take points out of games when you have not played as well as you could.
“Now we go back, learn our lessons and come ready to play in France next Sunday.”
